EagleFX Review – Above Average?

EagleFX brokerage has been active for a little over 2 years now but has managed to gather thousands of traders on their platform, providing high-quality trading services through their generous features.

The broker allows its traders to go up to 1:500 on leverage, with microscopic spreads going as low as 0.1 pips per standard lot. Furthermore, EagleFX allows for very small trade sizes, the minimum size of which can be 0.01 per lot.  With over 55 currency pairs, 11 indices, and 32 cryptocurrencies to trade with, there are dozens of combinations that can benefit from the trading features this broker has to offer.

One big disadvantage that EagleFX has is that it does not possess an official license from a recognized regulator of any jurisdiction. However, they are quite open about this fact in the footer of their website, thus giving us the go-ahead for reviewing them fairly. Had the company not disclosed this information willingly, our EagleFX review would have been a lot shorter.

EagleFX review

Some of the information we are providing, we received directly from the broker’s customer support. Based on the times we messaged them, it’s safe to say that it’s a 24/7 support system. Unfortunately, it’s more of a ticket system than a live chat and is only in English (even though there is a live chat option). No matter the question, however, you will receive an answer within a few minutes up to an hour.

Now let’s take a look at some trading-related aspects of Eagle FX.

Account Types

The EagleFX offers only two types of accounts. Those are the demo and the standard account. Although it’s below the market standard, most traders, especially the ones EagleFX is targeting don’t even need anything else.

Standard Account

In the case of the Standard Account, the trader gets all of the above-mentioned features. There is no additional and exceptional option available for the Standard account holders. Everyone can have a 1:500 leverage rate and a minimum deposit of $10. The standard account is available to every single trader.

Demo account

The demo account is the perfect choice for new traders. People who are just now taking their first steps in FX can learn quite a lot with the Demo account without having to risk some of their hard-earned money. All the finds that people trade on this account are virtual, meaning that the broker simply fills up your account with “fake money” that you can use to make trades. Everything else works exactly the same as with the real account. The main difference is that you get to test out some new strategies without having to experience the consequences firsthand on your wallet.

EagleFX brokerage

Final Words

EagleFX is the odd one out when it comes to FX brokers. You’d think it has some crippling disadvantages, but it immediately recuperates it with amazingly generous offers on trading options. The fact that trading with this broker is more profitable than with others cannot be denied. However, the lack of license still prevents us from giving it a perfect score. All in all, we’d say that EagleFX is a solid 3 out of 5 based on what we saw during our EagleFX review.

Both Standard, as well as Demo account holders, can use the MT4 and Web Trading platforms. MT4 is one of the most common platforms that traders use, but it’s pretty obvious that a broker would have it. To stand out a bit, EagleFX also included WebTrader which is nothing less of an advantage for traders.

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